MobileNXT Tele-services Pvt. Ltd has announced Network18 group as a strategic-cum-financial investor. This is the first-of-its-kind deal between a media house and a mobile retail chain.
Avendus Advisors was the sole investment banker and advisor to MobileNXT for the transaction. The funds will be used for the company’s next phase of expansion. It plans to roll out 100 stores in multiple formats across cities in India, with a strong focus on tier II and tier III towns, over the next one year. The plan is to have 500 stores on the ground over the next three years, towards achieving its vision of being a pan-India chain.
Commenting on the partnership, Romy Juneja, COO, MobileNXT, said, “This association will benefit our clientele and also provide value-based consumer experience in this expanding market.”
Speaking about the tie-up, Vijay Menon, CEO and co-founder, MobileNXT, added, “Our association with Network18 group will help us offer an international consumer experience. It will assist us to strengthen our portfolio, catering to all segments. We will ensure our growth through a very strong franchisee programme, which will be in all the tier II and III cities”.
B Sai Kumar, Group COO, Network18, said, “MobileNXT’s sound business strategies combined with our group’s business building skills, understanding of the media landscape and synergies will ensure that MobileNXT is a significant player in the fast-growing mobile telephony market.”
MobileNXT commenced operation with their first store in April 2006.